The Psychology of Marketing - Essay Example

Extract of sample The Psychology of Marketing

Value possession can be judged on the ground of materialism and personal trait. Customers prefer value possessions are not always status seeker because sometimes they purchase valuable product to show self image to external world. Researchers have pointed out that customers do valued material possession to show adjusted and refined self image (perceived self image of customer which might differ from real self assessment of the person). Sometimes customer purchase valued product in order to imitate other person’s purchasing habit. Many of the time it has been observed that purchasing valued item increases confidence level among customers. Opinion leaders also plays significant role to motivate customers to purchase valuable product. General trend shows that materialists have a tendency to purchase valuable item in bulk volume by spending huge amount of money on acquiring new items. These customers are lucrative target for marketers. Marketers decide unique business strategy to cater demand of high value customers. Why Valued? Value of a product is dependent on various factors such as brand name attached with the item, usability, social image and many others. Value of product can be analyzed in the following manner. Possession might help us to reflect personality we want to show cast to external world. ...
Purchasing a particular might help us to achieve highly respected social group membership. Purchasing product and then consuming it help us to evaluate our self image in a right manner. The process can be classified as symbol for us to show our connection with significant portion of society. Many customers believe purchasing a valuable item associated with strong brand image might help them to achieve ideal self image and ideal social self image. Psychographics of consumer behaviour is contributed by two variables. 1-Actulizers- customers belong to uppermost income group prefer to spend huge sum of money on in order to purchase premium priced products. They purchase high net worth products in order to show status and financial power. 2- Fulfilled- customers purchase high value product after gathering sufficient information about the product in order to show social status to other people (Young, and Pagoso, 2008, p. 116). Customers show various types of purchasing behaviour including impulsive and compulsive buying. In 1989, O’Guinn and Faber have argued that compulsive buying is a result of behavioural disorder and directly linked with attitude of consumers to purchase valuable products. In 2004, Roberts and Pirog in their research paper have suggested that compulsive buying is linked with satisfying personal goal rather than rather than fulfilling need. In compulsive buying purchase motive of customer is cantered on satisfying external need rather than satisfying internal needs. In 2002, Kacen and Lee have pointed out that in valued possession customers get enjoyment from item purchased and sometimes they become obsessed about the purchase (Fitzmaurice, 2008, pp.
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Summary

The Psychology of Marketing Valued Material Possessions The concept of valued material possession is significant from view point of marketers. Marketers need to understand concept of value possession in order to analyze consumer behaviour and decide marketing strategy on the basis of analysis…

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